Estados financieros detallados de Alpha Tau Medical Ltd (DRTS): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 0.0%, margen operativo 0.0%, margen neto 0.0%.
Al precio actual de $15.04, DRTS presenta beneficios negativos (P/E no significativo) y un ROE del -138.12%. La capitalización bursátil es de $1.4B.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Coste de Ventas | 0 | $86000 | 0 | 0 | 0 | 0 | $1.2M |
| Beneficio Bruto | 0 | -$86000 | 0 | 0 | 0 | 0 | -$1.2M |
| I+D | $6.6M | $7.5M | $11.4M | $20.9M | $26.4M | $27.0M | $30.8M |
| Generales y Administrativos | $1.4M | $1.7M | $2.3M | $11.2M | $9.3M | $9.0M | $10.2M |
| Gastos Operativos | $8.0M | $9.2M | $13.8M | $32.1M | $35.7M | $36.0M | $41.1M |
| Beneficio Operativo | -$8.0M | -$9.2M | -$13.8M | -$32.1M | -$35.7M | -$36.0M | -$42.3M |
| EBITDA | -$7.9M | -$9.2M | -$26.5M | -$32.8M | -$28.0M | -$30.3M | -$41.1M |
| Gastos por Intereses | 0 | $217000 | 0 | 0 | $75000 | $303000 | $419000 |
| Beneficio Antes de Impuestos | -$8.3M | -$8.7M | -$27.3M | -$33.7M | -$29.1M | -$31.7M | -$42.5M |
| Impuestos | $146000 | $158000 | $7000 | $20000 | $16000 | $6000 | $121000 |
| Beneficio Neto | -$8.5M | -$8.9M | -$27.3M | -$33.8M | -$29.2M | -$31.8M | -$42.6M |
| BPA | $-0.13 | $-0.13 | $-0.40 | $-0.53 | $-0.42 | $-0.45 | $-0.53 |
| BPA Diluido | $-0.13 | $-0.13 | $-0.40 | $-0.53 | $-0.42 | $-0.45 | $-0.53 |
| Acciones en Circulación (Diluidas) | $67.6M | $67.6M | $67.6M | $63.5M | $69.4M | $69.9M | $80.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | 0 | 0 | 0 |
| Beneficio Bruto | 0 | 0 | 0 | 0 |
| Beneficio Operativo | -$10.7M | -$12.6M | -$13.3M | -$13.8M |
| EBITDA | -$10.7M | -$11.2M | -$13.3M | -$13.8M |
| Beneficio Neto | -$11.7M | -$12.1M | -$22.9M | -$45.8M |
| BPA | $-0.14 | $-0.14 | $-0.26 | $-0.50 |
| BPA Diluido | $-0.14 | $-0.14 | $-0.26 | $-0.50 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $1.8M | $15.6M | $23.2M | $5.8M | $12.7M | $13.7M | $16.0M |
| Inversiones a Corto | $26.3M | $30.4M | $8.1M | $98.7M | $69.1M | $45.9M | $60.9M |
| Cuentas por Cobrar | $141000 | $477000 | $480000 | $32000 | $344000 | $332000 | $36000 |
| Inventario | $1.1M | 0 | -$8.2M | 0 | 0 | 0 | 0 |
| Activos Corrientes | $29.8M | $47.5M | $32.6M | $106.5M | $85.8M | $64.2M | $78.3M |
| Inmovilizado Material | $1.7M | $5.4M | $7.5M | $13.3M | $21.2M | $21.5M | $26.9M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $31.6M | $53.0M | $42.2M | $120.1M | $107.4M | $86.2M | $106.6M |
| Cuentas por Pagar | $893000 | $964000 | $1.2M | $1.4M | $2.6M | $3.5M | $3.9M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $1.3M | $2.1M | $4.4M | $4.3M | $7.1M | $8.7M | $10.5M |
| Deuda a Largo | 0 | $54.0M | $54.0M | 0 | $5.6M | $5.6M | $6.4M |
| Pasivos Totales | $31.8M | $61.4M | $77.0M | $14.5M | $22.9M | $23.5M | $29.5M |
| Reservas | -$16.7M | -$25.6M | -$52.8M | -$86.6M | -$115.8M | -$147.5M | -$190.1M |
| Patrimonio Neto | -$193000 | -$8.4M | -$34.8M | $105.7M | $84.5M | $62.7M | $77.1M |
| Deuda Total | 0 | $54.0M | $54.0M | $5.2M | $13.3M | $12.5M | $13.7M |
| Deuda Neta | -$28.1M | $7.9M | $22.6M | -$99.3M | -$68.5M | -$47.1M | -$63.2M |
| Capital Circulante | $28.5M | $45.4M | $28.2M | $102.1M | $78.7M | $55.6M | $67.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $3.3M | $12.2M | $8.4M | $23.0M |
| Activos Totales | $104.7M | $105.7M | $108.8M | $134.2M |
| Pasivos Totales | $27.1M | $28.6M | $39.4M | $90.2M |
| Patrimonio Neto | $77.6M | $77.1M | $69.4M | $44.1M |
| Deuda Total | $13.5M | $13.7M | $14.3M | $15.2M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$8.5M | -$8.9M | -$27.3M | -$33.8M | -$29.2M | -$31.8M | -$42.6M |
| Amortizaciones | $66000 | $86000 | $776000 | $979000 | $1.1M | $1.1M | $1.2M |
| Compensación en Acciones | $546000 | $596000 | $812000 | $6.7M | $7.9M | $9.9M | 0 |
| Cambio en Capital Circulante | -$64000 | $899000 | $585000 | -$307000 | $2.5M | $1.2M | $2.3M |
| Flujo de Caja Operativo | -$6.9M | -$7.3M | -$11.8M | -$23.9M | -$18.0M | -$19.8M | -$26.7M |
| Inversiones (CapEx) | -$1.3M | -$3.8M | -$2.9M | -$904000 | -$6.4M | -$2.2M | -$6.1M |
| Adquisiciones | $8870 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$8.2M | -$11.0M | -$14.7M | -$24.8M | -$24.4M | -$22.0M | -$32.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | 0 | -$26.7M | 0 | 0 |
| Inversiones (CapEx) | 0 | -$6.1M | 0 | 0 |
| Flujo de Caja Libre | 0 | -$32.8M | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | 0 | $6.7M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Beneficio Neto (anual) | | -4.9% | -207.0% | -23.8% | +13.6% | -8.9% | -34.3% |
| Crecimiento BPA (anual) | | +0.0% | -207.7% | -32.5% | +20.8% | -7.1% | -17.8% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | -6.0% | +9.2% | +0.8% | +15.2% |
| Crecimiento FCF (anual) | | -34.3% | -33.8% | -68.1% | +1.7% | +9.6% | -48.7% |
| Tasa Impositiva Efectiva | -1.8% | -1.8% | -0.0% | -0.1% | -0.1% | -0.0% | -0.3% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.12 | $-0.16 | $-0.22 | $-0.39 | $-0.35 | $-0.31 | $-0.41 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $67.6M | $67.6M | $67.6M | $63.5M | $69.4M | $69.9M | $80.6M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -138.12% |
| Rentabilidad sobre capital invertido | -40.04% |
| Rentabilidad sobre activos | -68.96% |
| Margen bruto | 0.00% |
| Margen operativo | 0.00% |
| Margen neto | 0.00% |
Salud financiera
| Deuda / Patrimonio | 0.34 |
| Ratio corriente | 11.09 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 5.07 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -77.69 | -77.69 | -24.55 | -6.00 | -7.14 | -6.89 | -9.34 |
| P/VC | -3538.74 | -81.03 | -19.09 | 1.91 | 2.46 | 3.46 | 5.17 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |